Cora Gold Limited (AIM: CORA) provided an update on its regional portfolio of permits in Senegal and Mali. At the Madina Foulbe Permit in Senegal, a new target was identified with grab sample assays returning high gold values; two key targets were identified at the Diangounte Project Area; and the reverse circulation drill programme has been partially completed, identifying broad zones of mineralisation. Additionally, results from the work in the Yanfolila Project Area provide encouragement for future programmes. With the results generated during the period of H1 2020, Cora is hoping to discover another project like Sanankoro within their existing licence package and these promising results indicate the permits’ prospectivity.
Hat trick of news from Dekel Agri-Vision Plc (AIM: DKL) this week. First up the West African focused agriculture company confirmed that infrastructure equipment required for the construction of its large scale raw cashew processing project at Tiebissou arrived in Cote d’Ivoire on schedule. This was followed by news that milling equipment for the project has left Italy and is expected to arrive in approximately four weeks. Both shipments are key milestones towards completing the construction of the project in time for the upcoming peak harvest season in H1 2021. Meanwhile just a hop and a skip away from Tiebissou, Dekel also issued a six monthly production and sales update for its palm oil project in Ayenouan. The combination of a 19.2% increase in CPO prices to €602 per tonne in H1 2020 as well as a higher extraction rate of 23.6% is expected to more than make up for the lower CPO volumes sold during the period (23,906 tonnes) and lead to an improved year on year H1 financial performance.
FastForward Innovations Ltd (AIM: FFWD) announced that its investee company Leap Gaming, in which it has a 43.4% interest, has entered into an agreement with Stoiximan/Betano, the leading online gaming operator in Greece and one of the fastest growing in Europe, which will see Stoiximan/Betano provide Leap’s virtual sports to its extensive footprint. This represents another exciting step in Leap Gaming’s growth phase as it continues to develop new products, create new partnerships and expand its global reach. Leap has had a successful year, seeing a 95% year-on-year increase in revenues in the first five months of 2020 and continues to expand the reach of its cutting edge immersive games.
Jangada Mines Plc (AIM: JAN) announced additional high-grade assay results from its diamond drilling programme at the Pitombeiras Vanadium Project in Brazil. The programme evaluated the structural corridor associated with known VTM mineralisation, including the Pitombeiras North and South anomalies and newly discovered Goela VTM targets. The final assay results received from the Pitombeiras North target revealed 25.25m at 0.56% vanadium pentoxide, which is above the average grade to date of 0.539%, so continuing to confirm consistent grades, widths and continuity. Alongside this, the first results received from the Goela target of 13.50m at 0.60% vanadium pentoxide also show grade consistency. Five further assay results from the Goela target are expected in the next few weeks and upon receipt of these Jangada will be in a position to calculate an initial JORC Resource estimate for Pitombeiras.
Harvest Minerals (AIM: HMI) provided a trading update, reporting that conditions have been mixed as a result of the COVID-19 outbreak. Sales for Q1 CY2020 were 3,334 tonnes, a slight increase on the target of 3,000, however Q2 sales were lower than targeted as a result of the pandemic. Encouragingly, Harvest has been able to broadly maintain its sales prices compared with CY2019. The company has observed that sellers of other remineraliser products have been heavily discounting prices to encourage volumes, however, based on the published trading results for one of those competitors, it appears that the discounting is not conducive to profitable trade. As at 30 June 2020, Harvest had a positive working capital position of approximately AUD$5,563,228, recording unaudited revenue for the six months to 31 December 2019 of AUD$1,443,281, and for the six months to 30 June 2020 of AUD$595,477. The company also announced a 3 month delay in the annual results for the year end 31 December 2019 as a result of the COVID-19 outbreak.
Tri-Star Resources (AIM: TSTR) received an update on its investment in Strategic & Precious Metals Processing LLC, an antimony and gold production facility in Oman, in which they hold a 40% equity interest. Individual parts of the plant were already operating at 50% capacity for short periods of time by the end of Q2 2020 and SPMP is now working towards the goal of reaching 100% capacity by 31 March 2021. The company also provided an update on financing discussions for the project which are ongoing.
Oracle Power Plc (AIM: ORCP) has entered into a funding facility comprising a share subscription deed for new ordinary shares of 0.1 pence each, raising £1.5m before costs. This is linked to a placing subscription facility for a commitment of up to £45m, arranged by Riverfort Global Capital Ltd. These funds will be used to strengthen Oracle’s working capital costs and unlocking their long term growth potential through allowing funding flexibility and supporting project development at Thar Block VI, as well as providing a strong negotiating position with additional development opportunities.
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In the news this week…
Frida Kahlo’s 113th birthday was celebrated on the 6th July, and an art dealer announced that he has discovered Kahlo’s long-lost La Mesa Herida oil painting.
Today marks the 80th anniversary of the Battle of Britain, and the commemorative RAF flypast will pass over Dame Vera Lynn’s funeral.
Plans are in place for wild bison to return to Kent for the first time in 6,000 years.
An aquarium in Tokyo is asking the public to video-chat their garden eels who are forgetting humans exist whilst the aquarium is closed.
The City of Sydney is now powered 100% by renewable energy sourced from wind and solar farms.
Stamp Duty holiday boosts buy-to-let landlords
After years of campaigning, a judge has ordered the Dakota Oil Access Pipeline to shut down.